US August styrene contracts gain 3.25 cents/lb on record benzene

14 September 2012 17:50[Source: ICIS news]

HOUSTON (ICIS)--US August styrene contracts were fully settled up by 3.25 cents/lb ($72/tonne, €55/tonne) from July, following direction from the August record high benzene contract, trade sources said on Friday.

The increase took the August styrene contract price to 73.75-77.75 cents/lb.

The full settlements come a week after initial settlements emerged at increases within a range of 2.50-4.00 cents/lb.

The August US benzene contract settled at an all-time high of $4.60/gal, up 30 cents/gal from the July contract.

Styrene producers had originally announced price increases of 7.00-8.00 cents/lb for August.

For September, no price increases have been announced.

The US September benzene contract settled at $4.20/gal, down by 40 cents/lb from August on the back of weaker demand, excess supply and a drop in spot prices, according to trade sources.

Major US styrene producers include Americas Styrenics, Styrolution, LyondellBasell, Total and Westlake Chemical.